First Home Saver
This account is designed to help you save a deposit for your first home. If you have never had a mortgage and save regularly with us, you could qualify for a cashback
Get up to £5,000 cashback* if you complete the following steps:
- You, or in the case of a joint account neither of you have held a mortgage
- Open an account with £100 and set up a monthly Standing Order of at least £50
- Keep the account open for at least 6 months, then qualify and take out a NatWest mortgage
- Claim cashback within 3 months of the mortgage being drawn down
Please read First Home Saver legal information
Your First Home Saver account has the following savings features:
- Tiered interest rates – the more you save the more interest you earn
- Interest is calculated daily and paid annually. Interest rates are variable
* £5,000 cashback is based on savings of £50,000 and is based on the lowest savings balance in the 6 months before the mortgage is drawn down
First Home Saver rates
| Balance | AER (variable) | Gross Rate | Net Rate |
|---|---|---|---|
| £1+ | 1.00% | 1.00% | 0.80% |
Interest paid annually.
Last updated on: 2 Jan 2009.
AER stands for Annual Equivalent Rate and shows what the interest rate would be if paid and compounded each year.
Gross stands for the interest rate paid before the deduction of tax.
Cashback
| Amount | Cashback |
|---|---|
| Over £50,000 | £5000 |
| Up to £50,000 | £2500 |
| Up to £25,000 | £1000 |
| Up to £10,000 | £500 |
| £500 to £5,000 | £100 |
Cashback is paid provided the terms and conditions of the First Home Saver are met. The amount of cashback is based on the lowest savings balance in the 6 months before the mortgage is drawn down. It is exempt from tax as it falls within HM Revenue and Customs Statement of Practice SP4/97.
